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Shares of SpiceJet is locked in upper circuit for second straight day, up 10% at Rs 22.55, also its 52-week high on BSE, after Kalanithi Maran and his associates had decided to transfer the ownership and management control of the airline to former promoter Ajay Singh and a clutch of investors.
According to Business Standard reports, under the revival plan, SpiceJet is due to get Rs 1,500 crore in three equal tranches by March from the investors, while Maran will pay off part of the Rs 1,400 crore liabilities. Maran, and associate company KAL Airways, will offload the entire 58% promoter stake to Singh and investors like JP Morgan. Singh is also expected to seek waiver from an open offer from capital markets regulator Securities and Exchange Board of India (Sebi).
In past one month, the stock of low-cost carrier has outperformed the market by surging 71% from Rs 13.20 on December 18, 2014 as compared to 4.3% rise in the benchmark S&P BSE Sensex.
Till 1042 hours, around 7.3 million shares changed hands against an average 7.01 million shares that were traded daily in past two weeks. There are pending buy orders for 2.64 million shares on BSE.
According to Business Standard reports, under the revival plan, SpiceJet is due to get Rs 1,500 crore in three equal tranches by March from the investors, while Maran will pay off part of the Rs 1,400 crore liabilities. Maran, and associate company KAL Airways, will offload the entire 58% promoter stake to Singh and investors like JP Morgan. Singh is also expected to seek waiver from an open offer from capital markets regulator Securities and Exchange Board of India (Sebi).
In past one month, the stock of low-cost carrier has outperformed the market by surging 71% from Rs 13.20 on December 18, 2014 as compared to 4.3% rise in the benchmark S&P BSE Sensex.
Till 1042 hours, around 7.3 million shares changed hands against an average 7.01 million shares that were traded daily in past two weeks. There are pending buy orders for 2.64 million shares on BSE.
